Enhancing Crop Productivity: Agrochemicals Market on Track to Hit US$282.2 billion by 2028

Agrochemicals Market

The global agrochemicals market is expected to reach a value of US$282.2 billion by 2028, growing at a CAGR of 3.7% from 2023 to 2028. The market is driven by the increasing demand for food, the growing adoption of precision agriculture, and the rising concerns about food safety.

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Key Trends

• Increasing Focus on Bio-Based Agrochemicals

There is a growing focus on developing bio-based agrochemicals that are derived from natural sources. Bio-based agrochemicals are often seen as being more environmentally friendly than synthetic agrochemicals.

• Development of New Technologies

There is ongoing research and development into new technologies that can be used to improve the efficiency and effectiveness of agrochemicals. These technologies include new formulations, delivery systems, and application methods.

Key Drivers

• Increasing Demand for Food

The global population is expected to reach 9.7 billion by 2050, which will put a strain on food production. Agrochemicals can help to increase crop yields and improve food security.

• Growing Adoption of Precision Agriculture

Precision agriculture is a farming method that uses technology to improve crop yields and reduce input costs. Agrochemicals can be used in precision agriculture to target specific areas of a field with the right amount of product, which can help to reduce the environmental impact of farming.

• Rising Concerns about Food Safety

Consumers are increasingly concerned about the safety of their food. Agrochemicals can help to reduce the risk of foodborne illness by controlling pests and diseases.

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Company Profiles

• Bayer AG
• YARA International ASA
• BASF SE
• Israel Chemicals Ltd.
• Nutrien Ltd.
• FMC Corporation
• The Mosaic Company
• Fengro Industries Corp.
• PhosAgro
• DowDuPont Inc.
• OCI N.V.
• Fertilizantes Heringer S.A.
• WinHarvest Pty Ltd
• Syngenta AG and more

Recent Developments

• Bayer AG introduced Adengo, a pre-emergent herbicide that acts on both broad leaves and thin sheets and has two active principles with distinct modes of action: isoxaflutole and thiencarbazone. (2022)
• UPL launched IMAGINE insecticide in India to help farmers control BPH. The product would be effective against jassids and stem borer buses. (2022)
• Corteva Agriscience launched the new postemergence corn herbicide Kyro herbicide. Kyro herbicide is the first product on the market to combine the active ingredients acetochlor, topramezone, and clopyralid into one premix. (2022)
• ADAMA announced the registration of its innovative herbicide Araddo® (Clethodim + Fluroxypyr-meptyl) for sale in Paraguay. (2022)

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